India, 18 May 2018 -- Bharat Book Bureau Provides the Trending Market Research Report on Global Genetic Testing Market - Forecasts from 2018 to 2023 under Life Sciences category. The report provides information on industry overview, market size, latest developments, industry trends, Key players, Global presence, and their future prospects.
Bharat Book Bureau Provides the Trending Market Research Report on Global Genetic Testing Market - Forecasts from 2018 to 2023 under Life Sciences category. The report provides information on industry overview, market size, latest developments, industry trends, Key players, Global presence, and their future prospects.
The Global Genetic Testing Market was valued at US$5.060 billion in 2018 and is projected to expand at a CAGR of 12.94% over the forecast period to reach US$9.296 billion by 2023. Genetic testing is carrying out the range of tests on the sample of DNA derived from blood, saliva, skin, and other tissues. Genetic tests are majorly conducted for diagnosing genetic disorders, identifying the mutation in the gene, and designing the treatment package. The growing prevalence of genetic disorders has been instrumental in driving the market. Moreover, the reduction in the genetic testing prices has increased the number of individual undergoing genetic test since it has a scope beyond the medical field because of its ability to provide the ancestral history about an individual. However, concerns regarding the confidentiality and misleading advice along with the difficulty in interpreting the result has limited the market growth.
The global genetic testing market is segmented as prenatal testing, newborn screening, diagnostic testing, carrier testing, and predictive & pre-symptomatic testing. The continuous technological advancement has made prenatal testing relatively affordable and gives more accurate results which is driving the market for prenatal testing. In February 2018, the Becton, Dickinson and Company has announced the commercial availability of PAXgene® Blood ccfDNA tube within the European Economic Area and Switzerland which has been designed to ensure accurate and reproducible results in molecular diagnostic testing applications circulating cell-free DNA. Newborn screening is conducted to identify the genetic disorders that have the possibility of being treated in the initial years. In the United States, it is recommended to get a newborn screening test that checks for a minimum of 34 disorders. In February 2018, Sema4 launched supplemental newborn screening test ‘Sema4 Natalis’ which is designed to detect 193 childhood-onset diseases or disorders. Moreover, there is a growing prevalence of depression among women globally which increases the possibility of defected birth. Thus, the growing prevalence of depression among women is driving the genetic testing market for newborn screening.
By disease, the genetic testing market is segmented as cancer, cystic fibrosis, sickle cell anemia, Duchenne muscular dystrophy, Alzheimer disease, thalassemia, huntington disease, and others. Cancer is one of the leading causes of mortality and morbidity globally and was responsible for 8.8 million deaths in 2015. Approximately 5%-10% of all the cancers are caused by inheriting genetic mutation. The growing prevalence of cancers is leading to significant increase in the number of the genetic test conducted for testing cancer. Cystic fibrosis is a genetic disorder that affects the respiratory, digestive, and reproductive system involving the production of abnormally thick mucus lining in the lungs. The disease is more prevalent in North America, Europe, and Australasia.
The global genetic testing market is segmented as cytogenetic testing, biochemical testing, and molecular testing based on technology. Cytogenetic testing is conducted to detect the abnormalities in the chromosome structure. There is a growing prevalence of chromosome abnormally related diseases such down syndrome, Edwards-syndrome, and growth disorders among others. Biochemical testing study the amount or activity level of protein to determine the abnormality that indicate the changes in the DNA which results in a genetic disorder. The abnormality in protein can lead to birth defects in children which is leading to increasing number of newborn screening test being conducted globally.
By geography, the global genetic testing market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. The regions are further analyzed on the basis of countries. The recent regulatory support for the direct to consumer genetic testing along with the increasing insurance coverage and reduction in the cost of genetic test is anticipated to lead to the growth of genetic testing market in the United States. Simultaneously, in Canada, the growing prevalence of genetic diseases in along with the lack of ‘stringent’ regulations, more specifically for the direct-to-consumers genetic test, will lead to the growth of the market, however, the recent bill passed by the parliament is likely to check the growth as it provides individuals a choice for getting themselves genetically tested in order to gain employment or any commercial concerns.
The global genetic testing market is competitive owing to the presence of well diversified international and regional players. The competitive landscape details strategies, products, and investments being done by key players in different technologies and companies to boost their market presence.
Major industry players profiled as part of the report are Abbot, Precipio Inc., Ariosa Diagnositic Inc., and Sequenom Inc.
Bharat Book Bureau is the leading market research information provider for market research reports, company profiles, industry study, country reports, business reports, newsletters and online databases. Bharat Book Bureau provides over a million reports from more than 400 publishers around the globe. We cover sectors starting from Aeronautics to Zoology.
Hello journalist, welcome to Scoopasia--a powerful online resource for media information in Asia. Scoopasia has press releases and media events for every beat and industry. All content on Scoopasia is 100% FREE. You don't even need to login!
Scoop Line (Instant Information Request) The easiest way to ask questions and request information from the PR community.
Advanced Search Drill down, dig deep, for media information the way you want it.